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Philippines SEC prepares to ban Binance in three months

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The Philippines Securities and Exchange Commission (PSEC) chair Kelvin Lee clarified in a panel hosted at Coins.ph on December 13, 2023, that the commission is preparing necessary steps to block and ban Binance in the country within three months.

According to a report from BitPinas, a Philippines-based crypto news publication, the panel was organized to clarify public confusion on the matter. This comes after the PSEC issued an advisory warning users about Binance’s current status as an unregistered exchange.

“It is supposed to be three months from our issuance date. Three months from November 29. Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months,” said Commissioner Kelvin Lee.

The advisory issued by the commission on November 29, 2023, said that the exchange was not authorized to sell or offer securities in the country, given that it was not registered, nor had it tried to register for a VASP (Virtual Asset Service Provider) license from the commission.

“Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities,” the PSEC stated.

A VASP license is required for exchanges to process crypto-to-fiat transfers and trades alongside management and custody of virtual assets. The definition of virtual assets follows current frameworks set by the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog. As of October 27, 2023, the Philippines is on the FATF’s developing

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Author: Vince Dioquino

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